Gold Prices Surge on US-Iran Tensions, Saudi Pipeline Shutdown
Gold prices in India rose nearly 0.65% on September 16 as tensions between the US and Iran continued to fuel safe-haven demand. The uncertainty surrounding the conflict in West Asia, particularly Saudi Arabia's temporary shutdown of its East-West pipeline, contributed to the increase.
The MCX Gold 5 October futures were trading at ₹151,785 per 10 grams, while MCX Silver 4 December contracts saw a 1.33% rise to ₹235,200 per kg around 9:04 am on September 16. This comes after gold prices fell nearly 2% on Tuesday due to weak global cues.
In the retail market, 24-karat gold was priced at ₹152,330/10 grams, and 22-karat gold was priced at ₹139,636/10 grams. Silver prices today are at ₹234,900/kg (Silver 999 Fine), according to Indian Bullion Association's (IBA) data.